Is it safe to do an online money transfer?

  • ERemit
  • 2 minutes read

The best and most convenient digital solution to international money transfer is to transfer money online. Yes, online money transfer is easy, flexible, fast and convenient for all the customers. While on the same page, here is an important question to answer “Is it safe to do online money transfers?”.

There is no other way to answer this question but to admit to the fact that no payment or collection system is 100% safe. Yet, the best money transfer companies and remittance providers ensure extensive safety measures to assure the protection of E-transactions. Here are some of their ways:

  • Multiple layers of data encryption: Financial data is coded multiple times so that, even if it’s stolen or hacked on its way to another country, it cannot be read by others.
  • Identity Verification: The provider might ask you to enter the password or log you out after a certain amount of time to ensure the identity of the person. Biometric authentication is also introduced by certain companies for surety.
  • Fraud Prevention: Special measures are taken to prevent any kinds of fraud activities and money from being sent to suspicious people and accounts.

These are the measures taken from the part of the agency, what do you do? It is not the only responsibility of the agency but yourselves to protect your hard-earned money. Thus, keep the following in mind before conducting overseas money transfers via mobile apps or websites:

  • Cross-check beneficiary details: Never send money without double-checking the recipients personal and bank details. Once the mistake is done, it’s hard to undo. Please be careful to avoid such silly errors.
  • Beware of the copycat websites: This is the internet we are talking about, so expect no less. There may be other websites that look very similar to your trusted one, don’t fall prey to those emails or click any links. Only log in to the right URL.
  • Register your email address or phone number: Upon registration, make sure that your email address or phone number is linked with the account to receive notifications. In that case, you can easily monitor all actions happening in your account, including malicious ones.
  • Avoid using public Wi-Fi: Using public Wi-Fi to do money transactions is very dangerous as it can compromise your bank and transaction details. Only do money transfers with mobile data or personal Wi-Fi.

Yes, online money transfer is safe, provided you must look out for the above-mentioned tips and the authenticity of your online money transfer in Australia. With the right provider, conduct easy money transfer across the world.